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发表于 2012-3-13 03:59 PM
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Wait, Somebody Actually Failed The Stress Tests?
By Brendan Conway
That’s right — the whole world ain’t J.P. Morgan Chase (JPM). Four of the nineteen banks put through the latest regulatory stress tests turned out not to be up to snuff in the Tier 1 capital department. Citigroup (C), MetLife (MET), SunTrust (STI) and Ally Financial (GMA.XX), according to the Federal Reserve. Read the Fed’s report on the stress tests here.
Shares of those companies are reversing Tuesday’s surge in after-hours trading. It begs the question whether some or all of Tuesday’s market surge comes undone tomorrow.
The Citi news comes as a particular surprise. Not even an hour earlier, analysts were citing the chances that Citi’s stock would keep marching higher. Here’s ISI Group’s Ed Najarian, head of bank research, in a note released around 3:45 p.m.
This return of capital announcement from JPM will make the Street more optimistic that other well-capitalized large-cap banks will be approved by the Fed to return more capital in 2012 (via stock buybacks and dividend increases) than the Street is currently anticipating. This should positively influence the stock prices of many other large-cap banks, but we think it could especially enhance the price of Citigroup, which is already up 6% today on rising return of capital expectations but still trades at just 73% of TBV. Other large-cap banks that could benefit include WFC and GS.
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发表于 2012-3-13 02:46 PM
